Crytocurrency RIPPLE $XRP Ripping! So What Is Ripple?

Ripple, the cryptocurrency ticker (XRP) is screaming today up another 90% or so and trading at $0.8655 at the point of this article. It was just $0.22 or so the other day. Everyone knows bitcoin, ethereum and Litecoin, but there are over 1000 coins out there that are trade-able. Each crypto is unique in which what backs it, and understanding it all is quite complex. The fact that Bitcoin is so pricey, investors have turned to more affordable 2nd tier coins in Ethereum and Litecoin and other investors and seeking a much cheaper 3rd tier like a Ripple. Coins at this price range are similar to the penny stocks of the crypto world.

What is Ripple?

While it wasn’t released until 2012, Ripple is actually older than Bitcoin. The original version of the company was created in 2004, according to Bitcoin Magazine. It never really went anywhere, though, until it put a professional management team in place, which included E-Loan co-founder Chris Larsen and Jed McCaleb, founder of MtGox.

Ripple’s cryptocurrency has been adopted by banks and other financial institutions. Those companies believe Ripple’s system offers both better prices and is more secure than other digital currencies, including Bitcoin. It allows users to send, receive, and hold any currency in a decentralized way via the Ripple network. The company is cash-flow positive and holds a vast store of XRP, which it periodically releases into the market.

But the real appeal of Ripple’s XRP for banks is its liquidity.

“The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds,” Ripple CEO Brad Garlinghouse told Fortune earlier this year.

Why is Ripple surging?

Ripple’s rise seems to be a (pardon the pun) ripple effect from the surge of interest in Bitcoin. Investors who believe cryptocurrency may be reaching a peak are looking for others that could provide a greater return in the long term. The company has hit some notable milestones in recent months, though.

As of October, Ripple had licensed its blockchain technology to over 100 banks. Last month, American Express came on board. And Michael Arrington’s $100 million cryptocurrency hedge fund will be valued in Ripple’s XRP.

How much has Ripple grown in 2017?

Year to date, Ripple’s XRP has seen its value jump more than 13,000% and its market cap increase by nearly 13,700%.

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